I'm selling a condo to a 57 year old first time home buyer. After the inspection and response to the inspection, the buyer got cold feet and is afraid to take a mortgage (I received all the information in writing from his agent). Because he did not provide an allowable reason to terminate the contract (dissatisfaction with the home inspection, condo docs, etc.), can I either keep his earnest deposit or ask for reimbursement for my out of pocket costs (i.e. U&O, Condo docs, etc.)? Also, since he's made it clear he no longer wants the property and we're disputing the deposit, can my agent put the property back on the market?
2 Answers from Attorneys
Someone might like to read the documents prior to responding.
If there's a Realtor, the Realtor cannot just give you or the buyer the deposit. The Agreement of Sale is pretty clear about this. Talk to the agent. If it gets drawn out, consult with a local real estate lawyer.
THIS RESPONSE IS NOT LEGAL ADVICE, SINCE I DO NOT HAVE ALL OF THE INFORMATION THAT WOULD BE REQUIRED, AND I DO NOT HAVE A REPRESENTATION AGREEMENT WITH YOU.
* If the answers to your question confirm that you have a valid issue or worthwhile claim, your next step should almost always be to establish a dialog with a lawyer who can provide specific advice to you. Contact a lawyer in your county or township.
* Another reason for contacting a lawyer is that it is often impossible to give a good answer in the Internet Q&A format without having more information. The unique circumstances of your situation and things that you may not have thought to mention in your question may completely change the answer. If you want to be sure that you have a complete answer to your question and an understanding of what that answer means, establish a connection with a lawyer who practices in the area of your concern.
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